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Unemployment rose to double digits for the first time since 1941 in September 1982, and stood at a postwar high of 10.8% by the end of the year. [11] The total increase in unemployment was 3.6%, which was less than the 1973–75 recession increase of 3.8%, yet still higher than the 2.9% average
The peak of the recession occurred in November and December 1982, when the nationwide unemployment rate was 10.8%, the highest since the Great Depression. In November, West Virginia and Michigan had the highest unemployment with 16.4%, Alabama was in third with 15.3%. South Dakota had the lowest unemployment rate in the nation, with 5.6%.
The Rust Belt is highlighted on the above map in red. US unemployment rate, 1973–1993. By early 1982, Reagan's economic program was beset with difficulties as the recession that had begun in 1979 continued. In the short term, the effect of Reaganomics was a soaring budget deficit.
Other data series are available back to 1912. The unemployment rate has varied from as low as 1% during World War I to as high as 25% during the Great Depression. More recently, it reached notable peaks of 10.8% in November 1982 and 14.7% in April 2020. Unemployment tends to rise during recessions and fall during expansions.
November – The unemployment rate peaks at 10.8%. November 2 – United States elections, 1982. The Republican Party loses 27 seats to the majority Democratic Party in the House. November 3 – The Dow Jones Industrial Average surges 43.41 points, or 4.25%, to close at 1,065.49, its first all-time high in more than 9 years. It last hit a ...
The COVID-19 pandemic has brought initial unemployment claims to 38.6 million in just nine weeks, according to the latest data from the U.S. Department of Labor — shattering historic highs ...
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession). [40]
Events from the year 1982 in Michigan. The Associated Press (AP) selected the state's top news stories as follows: The election of James Blanchard as Governor, the first Democrat elected to the office in 20 years; Unemployment in Michigan with 732,000 Michiganders out of work and a record unemployment rate of 17.2%;